Vietnam: Approval of auction winning results shall be made within 05 days

Specifically, according to Article 22 of Decree No. 22/2012/NĐ-CP of Vietnam’s Government, within 5 (five) working days after an mineral extraction right auction closes, the agency that receives the bidder dossier specified in Article 17 of this Decree shall submit the dossier on approving the auction winning results to the state agency competent to issue licenses . A dossier comprises:

- The auction record;

- The auction winner’s bidder dossier;

- A draft written approval of the auction winning result.

Within 5 (five) working days after receiving a dossier for approval of auction winning result, the state agency competent to issue licenses shall issue a written approval of the auction winning result, or otherwise a notice specifying the reason and additional requirements (if any).

A written approval of the auction winning result must specify the full name and abbreviated name of the auction winner; name of the minerals; the location, coordinate and acreage of the area put up for mineral extraction right auction; rights and obligations of the auction winner, and the winning bid; commitments of the auction winner.

Note: The written approval of the auction winning result is a legal basis for the agency competent to issue licenses to consider and license mineral extraction activities for the auction winner under the Law on Minerals of Vietnam.

View details at Decree No. 22/2012/NĐ-CP of Vietnam’s Government, effective from May 15, 2012.

Le Vy

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